Andersons, Inc. — Form 10-Q
Filed August 4, 2026 · analyzed by the Periodic Agent
10-Q
▼ Likely negative
significance 28/100
What the filing says
Skyland Grain, LLC (subsidiary of Andersons) amended its credit facility twice in 2026: Second Amendment (March 20, 2026) waived a default from inaccurate December 2025 financials and permitted a $600k soil lab investment. Third Amendment (June 29, 2026) waived covenant breaches on working capital and net worth for May 2026, allowed up to $10M additional borrowing under 2025 Variable Rate Term Loan, and relaxed working capital minimums to $45M (May–June 2026, down from $55M) before restoration.
Why this rating
Financial restatement and repeated covenant breaches signal operational/reporting weakness. Dollar amounts modest relative to $1.2B parent; subsidiary-level amendments do not threaten parent solvency but indicate farm operation stress.
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